can they go right up to the 11th hour here. >> there's a big cost going to the 11th hour because you start to spook the markets. >> reporter: former fed governor ric mishkin points out when congress at first rejected the tarp financial rescue package in 2008 the dow plummeted nearly 800 points that day. >> boy, was it a disaster. when you go to the last minute and you're basically saying, you know, don't assume that we have responsible adults, well, that actually has huge, huge costs. we've seen this happen before. let's hope it doesn't happen now. >> reporter: economists say the risk of a default is remote, but the risk of a new recession is very real. if america has to slash its spending to stay under the debt ceiling, the recovery could be over and quickly. bob? >> schieffer: thank you very much, anthony. the accused mass killer in the oslo tragedy told authorities he was trying to call attention to what he called the threat of a muslim takeover of europe. today in the streets of oslo, there was an enormous outpouring of grief and sympathy for the victims and the killer's own fath